Mid-Day Market Update: Markets Mixed; Novan Shares Spike Higher

Midway through trading Friday, the Dow traded down 0.07% to 34,442.46 while the NASDAQ rose 0.09% to 14,033.42. The S&P also rose, gaining 0.01% to 4,239.73.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,426,990 cases with around 598,750 deaths. India confirmed a total of at least 29,274,820 cases and 363,070 deaths, while Brazil reported over 17,210,960 COVID-19 cases with 482,010 deaths. In total, there were at least 174,909,510 cases of COVID-19 worldwide with more than 3,774,560 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares climbed 0.4% on Friday. Meanwhile, top gainers in the sector included UP Fintech Holding Limited TIGR, up 7%, and Lemonade, Inc. LMND, up 4%.

In trading on Friday, health care shares fell 0.9%.

Top Headline

The University of Michigan's consumer sentiment index rose to 86.4 in June from 82.9 in May. However, analysts were expecting a reading of 84.


Equities Trading UP

Novan, Inc. NOVN shares shot up 70% to $15.35 after the company reported the B-SIMPLE4 pivotal Phase 3 trial of SB206 achieved statistical significance for the primary endpoint and no serious adverse events were reported.

Shares of Janux Therapeutics, Inc. JANX got a boost, shooting 47% to $25.00 as the company priced its IPO at $17 per share.

Aptinyx Inc. APTX shares were also up, gaining 45% to $4.64 on continued strength. The stock spiked Thursday after traders circulate a TipRanks titled '2 "Strong Buy" Penny Stocks That Could Rally to $10 (or More)' mentioning the stock.

Check out these big movers of the day

Equities Trading DOWN

Recon Technology, Ltd. RCON shares tumbled 55% to $5.75.
Recon Technology reports its Beijing BHD Petrolume subsidiary signed 2 contracts with Sinopec's North China E&P Co.

Shares of Orphazyme A/S ORPH were down 45% to $11.51 after jumping 302% on Thursday. On May 7, in the latest press statement put out by Orphazyme, it said its application for arimoclomol, which will be branded as MIPLYFFA for Niemann-Pick disease type C, is under priority review with the U.S. Food and Drug Administration — with the expected Prescription Drug User Fee Act action date of June 17.

Curis, Inc. CRIS was down, falling 35% to $8.09 after the company reported updated data from its ongoing Phase 1/2 study of CA-4948 in patients with acute myeloid leukemia (AML) or high-risk myelodysplastic syndromes (MDS).


In commodity news, oil traded up 0.7% to $70.77, while gold traded down 0.9% to $1,880.00.

Silver traded up 0.5% Friday to $28.175 while copper rose 1.2% to $4.5410.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.7%, the Spanish Ibex Index rose 0.8% and the German DAX 30 rose 0.8%. Meanwhile, the London’s FTSE 100 gained 0.7%, French CAC 40 climbed 0.8% and Italy’s FTSE MIB rose 0.3%.

British gross domestic product expanded by 1.5% during the three months to April, while trade deficit narrowed to GBP 0.9 billion in April compared to GBP 2 billion a month ago. Industrial production in the UK fell 1.3% in April.

Wholesale prices in Germany climbed 9.7% year-over-year, notching the biggest surge since July 2008.


The University of Michigan's consumer sentiment index rose to 86.4 in June from 82.9 in May.

The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

Check out the full economic calendar here

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